UAE based Ziina Secures $22 Million in Series A Funding

UAE based Ziina Secures $22 Million in Series A Funding

by | Sep 3, 2024 | Startups News

UAE-based fintech Ziina has raised $22 million in Series A funding. Led by US-based Altos Ventures, this investment also includes notable investors like Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.

Expanding Financial Services

Founded in 2020 by Faisal and Sarah Toukan, Ziina quickly became a major financial player. The app allows users to send and receive payments using just a phone number, eliminating the need for IBANs or Swift Codes. Ziina launched its digital wallet in February 2022. Moreover, the new funding will help Ziina expand from a payment solution to a full-service financial provider. The upcoming ZiiCard will showcase this growth.

Navigating a Challenging Market

Despite a drop in global fintech funding from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s success highlights its strong market position and investor trust. Over the past year, Ziina has achieved a tenfold revenue increase and a 34% month-on-month rise in customers. The recent acquisition of the SVF license from the Central Bank of the UAE further boosts its credibility.

Meeting SME Needs

Ziina serves 560,000 SMEs in the UAE, which make up over 94% of businesses and contribute about 60% of the GDP. While 77% of UAE SMEs have adopted digital payments, 50% still face finance and cash flow challenges. Ziina’s solutions, including payment gateways and POS systems, aim to address these issues and support growth.

Driving Innovation and Growth

The $22 million Series A funding will boost Ziina’s tech and innovations. The ZiiCard will streamline business payments, while new features will enhance personal expense management. Faisal Toukan, CEO and Co-Founder, noted, “Ziina’s strong SME demand, SVF license, and investor support will drive fintech evolution in the UAE and beyond.

Attracting Top Talent

Ziina has attracted talent from tech giants like Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the new funding, Ziina will also add experts from Revolut and Nubank, who played key roles in scaling their companies to valuations of $45 billion and $70 billion.

Verofax Secures $3 Million to Propel Web3 Innovations

Verofax Secures $3 Million to Propel Web3 Innovations

by | Sep 2, 2024 | Startups News

Verofax, a UAE-based Web3 services provider, recently raised $3 million in a bridge round. This funding significantly strengthens its position in the industry. King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK led the round. Additionally, Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC participated, marking an important milestone for the company.

Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses advanced technologies like augmented reality (AR), blockchain, and artificial intelligence (AI) to enhance experiences for tourists, shoppers, and brands. These innovations boost user engagement, drive conversions, and increase social virality. As a result, Verofax has become a trusted partner for global brands.

Strategic Expansion in the Middle East and EU

With this new funding, Verofax is set to accelerate its expansion. The company plans to develop AI-powered guides for the GCC region and sports fan guides for the EU and North America. These projects will change how consumers interact with destinations, retailers, and sports stadiums. By offering personalized, gamified experiences, Verofax sets a new standard for customer engagement.

In fact, Verofax’s CEO, Wassim Merheby, expressed excitement about the new partnerships. He emphasized, “Our solution elevates tourist experiences, unlocks personalized discounts, and offers gamified ‘Explore to Win’ sponsored games in augmented reality. Brands can now enhance their marketing efficiency, power direct-to-consumer communication, and deliver amazing experiences to drive growth and boost loyalty.”

Building on Success: Verofax’s Proven Track Record

This latest funding builds on Verofax’s previous successes. In 2022, the company raised $1.5 million in a pre-Series A round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital. Verofax consistently attracts high-profile investors, validating its innovative approach and market potential.

Additionally,  Verofax’s proprietary technologies serve industry giants like Anheuser Busch Inc. and Emirates Airlines. These solutions cater to sectors such as retail, tourism, and sports. Verofax’s leadership in Web3 solutions continues to grow.

Looking Forward: The Future of Web3 with Verofax

Verofax continues to push the boundaries of Web3 technologies, aiming to make a lasting impact on the global market. With a focus on AI and AR, Verofax positions itself to lead the next wave of digital transformation. By delivering unparalleled experiences and driving growth, Verofax actively shapes the future of the Web3 landscape.

For more insights into Web3 and startup innovation, visit kzaad.com. Stay tuned for daily updates and in-depth analyses of trends shaping technology and business.

TDF Grow Accelerator: A Catalyst for Saudi Arabia’s Tourism

TDF Grow Accelerator: A Catalyst for Saudi Arabia’s Tourism

by | Aug 29, 2024 | Startups News

Saudi Arabia is rapidly emerging as a global tourism hub. At the forefront of this transformation is the Tourism Development Fund (TDF), the national enabler of the tourism sector. Recently, TDF celebrated a significant milestone—the graduation of the first cohort of the “TDF Grow Accelerator” programme. This event, held at the KAFD Conference Centre in Riyadh, marked a pivotal moment in the Kingdom’s journey toward becoming a top global tourism destination.

A Milestone Event: The Demo Day

Firstly, the demo day was more than just an ordinary event. It served as a showcase of innovation and entrepreneurial spirit. The ceremony highlighted the accomplishments of 15 startups within the tourism space. Notably, this included 11 local startups and four regional and international projects. Each of these startups underwent a rigorous training and guidance process. Specifically, they participated in over 20 training sessions. These sessions equipped them with the necessary skills and knowledge to excel in the competitive tourism industry.

Investment Success: A Testament to Innovation

Moreover, the success of these startups extended beyond their participation in the programme. To date, they have collectively attracted investments exceeding $5 million (SAR 18 million). This impressive figure demonstrates the confidence investors have in these projects. It also underscores their potential to significantly impact the Kingdom’s tourism sector.

Leadership Acknowledgment: Commitment to Excellence

During the ceremony, TDF’s CEO, Qusai Al-Fakhri, delivered a powerful message through His Highness Prince Saud Bin Mohammed, Executive Director of TDF Grow. He emphasized how the TDF programs foster innovation and sustainable development in Saudi Arabia’s tourism sector. Additionally, he expressed immense pride in the startups’ achievements. He remarked, “We are proud of what these distinguished startups have accomplished during their journey within the TDF Grow Accelerator Programme.” This success reflects TDF’s unwavering commitment to supporting entrepreneurial ideas. It also highlights the importance of implementing the national tourism strategy effectively and reinforcing Saudi Arabia’s position as a global tourism destination.

The Journey: Accomplishments and Future Prospects

Furthermore, the ceremony provided a platform to review the programme’s accomplishments over several months. The 15 participating projects, including both local and international startups, showcased their contributions to creating added value within the Kingdom’s tourism sector. The event concluded with a presentation that highlighted the innovative tourism projects emerging from the programme. This presentation offered a glimpse into the future of tourism in Saudi Arabia.

TDF Grow Accelerator: Empowering the Future

It is important to note that the TDF Grow Accelerator Programme is more than just an initiative. It acts as a cornerstone in Saudi Arabia’s tourism development strategy. By empowering entrepreneurs in the tourism sector, TDF Grow provides essential support. It helps create innovative technical solutions, facilitates communication between startups and investors, and encourages the best tourism ventures to contribute to the Kingdom’s national tourism objectives.

In conclusion, as Saudi Arabia continues its journey toward becoming a leading global tourism destination, initiatives like the TDF Grow Accelerator will play a crucial role. The success of the first cohort is just the beginning. With continued support and investment, the Kingdom’s tourism sector is set for unprecedented growth.

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UAE-based Myco Secures $10M in Series A Funding

UAE-based Myco Secures $10M in Series A Funding

by | Aug 28, 2024 | Startups News

Myco, the UAE-based Web3 streaming platform, has raised $10 million in the first closing of its Series A funding round. Announced on Tuesday, this milestone highlights strong global interest in Myco’s streaming solutions. The funding attracted prominent venture capital firms from the Middle East, North America, and Europe, reflecting confidence in the company’s vision.

Key Investors and Valuation

The Series A round included influential investors such as Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors through Republic.com and several strategic angel investors contributed. As a result, Myco’s post-money valuation has reached $80 million.

Strong Financial Performance

This milestone follows Myco’s first profitable year, with an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year. Founder Umair Masoom stated, “Myco has shown our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building.”

Expansion Plans and Partnerships

The new capital will help Myco expand into additional markets with similar demographics. This expansion will be supported by regional partnerships. Recently, Myco announced a significant partnership with the Aptos Foundation. As part of this collaboration, the company plans to relaunch its utility token on the Aptos Blockchain in Q4 2024 and migrate its wallet infrastructure.

Major Broadcasting Rights

Myco’s live streaming division has secured major broadcasting rights through 2025. These include:

  • Cricket: ICC and Pakistan Super League for Pakistan, Willow TV for North America, World Squash Federation, and Egypt Squash Federation.
  • Football: English Premier League rights for Pakistan.
  • Other Sports: Asian Hockey Championship and Brave MMA.

In esports, Myco holds rights for games such as Counter-Strike 2, PUBG, and Valorant across the MENA region.

Future Growth and Expansion

Following recent expansions into North America and Egypt, Myco is exploring new growth territories. The company aims to complete a second closing of its Series A funding by early 2025, further solidifying its global position. For more updates on startups and innovations, stay tuned to our blog and visit Myco’s website

Celebrating Emirati Women’s Achievements

Celebrating Emirati Women’s Achievements

by | Aug 28, 2024 | Successful Entrepreneurs

Emirati Women’s Day, celebrated annually on August 28th, honors the remarkable contributions of women in the UAE. This year, in alignment with the theme “We Share for Tomorrow,” the celebration reflects the visionary guidance of H.H. Sheikha Fatima bint Mubarak, the UAE’s esteemed Mother of the Nation. To commemorate this special day, we sought insights from several prominent Emirati women who generously shared their valuable lessons. These insights not only offer inspiration but also provide guidance for women around the globe.

H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum

“Emirati women have demonstrated exceptional competence across various fields, both locally and internationally. Consequently, they are the heart of our nation, playing a crucial role in nurturing future leaders and driving progress.”

H.H. Sheikha Bodour bint Sultan Al Qasimi

“The story of Emirati women is one of resilience and inspiration. Their roles in government, education, business, and technology underscore their vital contributions to our nation’s advancement. Indeed, their achievements extend beyond our borders, setting a powerful example for future generations.”

Abeer AlShaali

“As an Emirati professional, I’ve learned the importance of considering multiple perspectives. By listening to diverse viewpoints, one can enhance decision-making and foster better connections with others.”

Dr. Saeeda Jaffar

“The UAE’s focus on women’s empowerment has been pivotal for my career. For instance, from encouraging early interest in STEM to promoting female representation in leadership roles, the supportive environment here has been crucial for the success of many Emirati women.”

Huda Sabil Abdulla

“Emirati women have significantly shaped our society, and their exemplary standards inspire future generations. Therefore, celebrating their achievements today reflects our collective appreciation for their invaluable contributions.”

Amna Al Mazmi

“Emirati women excel in advancing humanitarian and social causes. Their dedication highlights our nation’s commitment to global solidarity and community support.”

Hanan Alrubaiai

“Being authentic and leveraging personal strengths are key to success. Remarkably, Emirati women lead with confidence and make impactful contributions by embracing their unique qualities.”

Hayat Al Hassan

“Emirati Women’s Day celebrates the impactful innovations of Emirati women. By embracing innovation and striving for excellence, they drive positive change and contribute significantly to a knowledge-based economy.”

Conclusion

As we celebrate this  Day, let us honor these trailblazers and embrace their lessons. Their achievements not only enrich our present but also pave the way for a brighter, more inclusive future.

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